In-depth analysis of Section 115BAC & Form 10-IE



Quick Summary
The Finance Act 2020 introduced a new tax regime under Section 115BAC for individuals and HUFs, offering lower tax rates but disallowing certain deductions and exemptions. This regime is optional and available from Assessment Year 2021-22 onwards. To choose this new regime, taxpayers must file Form 10-IE, with specific deadlines depending on whether they have business income.

The Finance Act, 2020 came up with a number of amendments and introductions. One of such being the introduction of a new tax regime, which in essence is the biggest development and point of confusion for taxpayers. The Finance Minister announced a new set of tax slab rates for individuals, HUF and c
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About the Author

PCS at Tanveer Saluja & Associates

Practicing Company Secretary at Tanveer Saluja Associates

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